Vintage sportswear manufacturer Mitchell & Ness has reportedly been purchased by Fanatics. The deal, which closed this week, saw Fanatics purchase 75% of the company, with the remaining 25% going to a contingent of celebrity investors including Jay-Z, LeBron James, and Maverick Carter amongst others.
Formed in 1904, the Philadelphia based sports apparel company was valued at $250M based on the terms of the agreement. As part of the purchase, CEO Kevin Wulff will remain on board as will all of the company’s 130+ employees.
The acquisition is the latest in a series of deals which has seen Fanatics purchase several prominent companies in the sportswear, memorabilia, and trading cards world. Earlier this year, they purchased card manufacturer Topps to accelerate their entry into the sports card marketplace.
In a statement posted on their company website Fanatics described its vision moving forward as follows: “As a global leader in licensed sports merchandise, Fanatics is building the leading global digital sports platform and changing the way fans purchase their favorite team apparel, jerseys, headwear and hardgoods through an innovative, tech-infused approach to making and quickly distributing fan gear in today’s 24/7 mobile-first economy. Operating multi-channel commerce for the world’s biggest sports brands, Fanatics offers the largest collection of timeless and timely merchandise whether shopping online, on your phone, in flagship stores, in stadiums or on-site at the world’s biggest sporting events.
Through Fanatics’ innovative commerce capabilities and cutting-edge tech platform, the company has assembled one of the best databases of fans globally which is now being leveraged across the broader sports ecosystem to build new, large-scale digital sports businesses outside of merchandise. Fanatics is the majority owner of Candy Digital, a next generation digital collectibles company that is partnering with prominent sports properties – including MLB and MLBPA – to build an official NFT ecosystem where fans and collectors come to purchase, trade and share officially licensed NFT’s. Additional ventures that will build out Fanatics’ footprint across the broader digital sports landscape will be announced in the coming months.
Fanatics’ partners include all major professional sports leagues (NFL, MLB, NBA, NHL, NASCAR, MLS, PGA) and hundreds of collegiate and professional teams, which include several of the biggest global soccer clubs.”
With a portfolio that now includes Top of the World, WinCraft, Topps, Majestic, FansEdge, and SportsMemorabilia.com, the online retailer is firmly establishing itself as an industry leader in the world of sports and entertainment. With the addition of the Mitchell & Ness subdivision, Fanatics will now boast 8,000+ employees world wide.
As the company continues to diversify its offerings, the Fanatics brand has also entered into the world of esports, and NFTs recently. 49 year old Fanatics Chairman Michael Rubin currently has an estimated net worth of $8B USD though this figure looks poised to increase significantly as the company continues to thrive in 2022.
-Kyle Skinner
Twitter: @JKyleSkinner